Merchant Accounts Done with Integrity

Who Should Use SQUARE for Credit Card Processing?

I’ve had a lot of people ask me
about SQUARE. They’re not usually sure if SQUARE is a direct competitor
to my company. There are only two things that you probably need to
know; structure and fees.

Regarding structure, SQUARE is not a
merchant account service. Rather, they accumulate a large number of
businesses and handle them as a “third-party merchant account”. Getting
an account with them is easy – but they can terminate service even
quicker.

SQUARE may seem appealing with their easy to understand fee structure andthe fact that there is no monthly fee. But Beware! The fees that they charge are considerably higher than you would pay with a true merchant account.I’ve run all the numbers, and here’s what you need to know:There are two scenarios that justify using SQUARE for processing. The first is when theaverage sale is below $10. Think food truck or quick service restaurant. The second is whenthe average monthly sales are less than $3,000.

Besides the financials, SQUARE is not known for customer service or easy help withissues that arise with electronic payments. You don’t have a representative assigned toyour business that understands what you do and fits the best solution to you.

In summary, SQUARE is a viable solution for a business that wants to accept electronic payments,but does a small monthly volume of sales.

If you have any questions about merchant services, please feel free to contact me directly.Thanks,

Jerry

Phone: 860-298-8820
jerry@jerrywistrom.com

JerryWistrom.com

I have been a business coach since 2001. I started helping businesses with merchant account processing after realizing that for 13 years I had been seriously overpaying for my credit card processing. Now I want to help every business understand credit card processing and make great decisions in choosing a provider.